The Debt Snowball Calculator
The accelerated debt snowball calculator will show you how much time and money you could save by paying off your debts using the "debt snowball" method.
Using this method, the smallest debt is paid down first and as each debt is paid off, the freed-up payment amount is then applied to the next largest debt in addition to the existing payment, thereby accelerating the payoff process in a "snowball" fashion.
The debt snowball process continues until all debts are paid off. As you are about to see, this method can save you money in interest charges, and get you debt free in a very short period of time.
Instructions: Enter the name, current balance, interest rate and minimum payment amount for each of your debts (up to a maximum of 10) in order from SMALLEST to HIGHEST. Enter as many as you have and leave the rest blank. Next, enter a monthly dollar amount you could realistically add to your debt snowball plan. Finally, click the "Calculate Results" button for the results and potential savings.
Note: If you include your mortgage in your debt snowball plan, only enter the principal & interest portion of your monthly mortgage payment (don't include monthly tax and insurance portion). Use the buttons at the bottom to create a debt snowball worksheet and payoff summary.
We hope you enjoyed the debt snowball calculator and most of all found it useful for getting you started on the road to accelerating your debt repayment bringing you closer to financial freedom!
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